Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the bullish channel. At this point, we should expect an attempt to test the support area near the level of 109.30 and continue the growth of the pair in the area above the level of 111.90.
USD/JPY forecast & technical analysis May 16, 2018
In favor of the growth of the pair USD/JPY will test the upward trend line on the indicator of relative strength index (RSI). The cancellation of the growth variant of the Dollar/Yen pair will result in a drop and a level break at 108.60, which will indicate the breakdown of the lower «Triangle» model and the continued decline of the Dollar/Yen pair with a target below 107.50. Expect to confirm the growth of the pair is with the breakdown of the upper limit of the model «Triangle» and closing above the level of 110.10.
USD/JPY forecast & technical analysis May 16, 2018 suggests an attempt of testing the support area near the level of 109.30 and the continuation of the growth of quotations to the area above the level of 111.90, in favor of the pair’s growth, the trend line test will be performed on the indicator of relative strength index (RSI).